According to Bloomberg, Apple’s next iPad will include a high-definition display, a faster CPU and will be capable of communicating with carriers’ next-generation LTE technology. The business news site cites their sources as “three people familiar with the product.” Their claim that the device will include a faster CPU is likely to be correct since 9to5Macfound references to a quad-core CPU in the latest revision of iOS 5.1 beta earlier this month.

The company’s manufacturing partners in Asia started ramping up production of the iPad 3 this month and plan to reach full volumes by February, said one of the people, who asked not to be named because the details aren’t public. The tablet will use a quad-core chip, an enhancement that lets users jump more quickly between applications, two of the people said.

As for the “high-definition” display, it is likely that Apple will include either a retina display or something very similar to it in their upcoming iPad 3. There have been many, many rumors of this in the past, but Bloomberg is known for their solid reputation and their information helps to further prove that an upgraded display is imminent.

In regards to LTE, there haven’t been many reports outside of this one that this new technology would be coming to the iPad, but there have been multiple reports of an iPhone 5 with LTE capability. Bloomberg notes that Tim Cook, Apple’s CEO, is expecting the upgraded iPad to compete well with adversaries; the addition of LTE will further aid this. Challengers, such as the Amazon Kindle Fire, have been reluctant on earning as much revenue as the iPad thus far, but the Fire’s pricing definitely helps sales quite a bit. It has been rumored that Apple will continue selling the current generation iPad 2 at a lower price in an attempt to compete with more affordable competition.

Lastly, if the iPad 3 does indeed launch in March as the current model did, the tablet should be announced sometime next month or the following — definitely not this month because of the education event that Apple already has scheduled for the 19th. The iPad 2 was announced on March 2nd 2011 and was available for purchase on the 11th of the month with an international launch on the 25th.